Baltic Exchange shipping updates: Sept 11, 2026

A weekly round-up of tanker and dry bulk market (Sept 11, 2026)

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The market experienced a mixed week, with the Pacific providing the main source of volatility while the Atlantic remained comparatively steady, albeit lacking consistent momentum. The Pacific initially came under pressure before recovering through midweek, supported by regular miner participation on C5, with fixtures progressing from the low US$18s to around US$18.50. However, this improvement proved short-lived as late-week fixing slipped back below US$18/tonne, leaving sentiment softer heading into the close. South Brazil and West Africa were quieter, with limited engagement around index dates. C3 values generally held in the low US$41s, with occasional fixtures reported towards US$42. In the North Atlantic, sentiment was mixed to softer, particularly following weaker fronthaul fixtures, although tighter prompt tonnage and a limited number of remaining stems provided some support for the trans-atlantic route. Overall, the BCI 182 5TC ended the week at US$55,139, down US$1,492 from Monday’s US$57,011. Higher bunker prices and ongoing uncertainty in the Middle East remained additional factors for market participants to consider.

This week began on a subdued note as the US Labor Day holiday led many market participants to reassess positions and rate expectations. Activity remained limited across both basins, although Pacific sentiment stayed positive, supported by steady demand on shorter-haul routes. Notable fixtures included a 73,000dwt and 74,000dwt vessel fixing Indonesia to South China at US$17,000 and US$18,000, respectively.

As the week progressed, Atlantic sentiment remained under pressure due to an oversupply of prompt tonnage, particularly in the North Continent, with an 82,000dwt vessel fixing a trans-Atlantic round at US$20,750. Fronthaul activity proved more resilient, supported by ongoing coal and grain demand, with an 82,000dwt vessel securing US$24,000 for an EC South America trip from EC India and an 81,000dwt fixing US$24,000 basis delivery Singapore.

In contrast, Pacific fundamentals strengthened, highlighted by an 85,000dwt vessel fixing an Australian round voyage at US$27,000. Period activity was limited, with an 82,000dwt vessel reported fixed for one year at US$22,000 and an 81,000dwt fixing for 5-7 months for the same rate. Overall, the Pacific outperformed the Atlantic, with sentiment remaining broadly supportive despite only modest index movements.

A week of steady improvement, with the index posting gains every day and finishing the week over US$500 higher on the 11TC average. North America was the main driver again with the fronthaul market the most active. A 63,000dwt fixed a grains stem to the east at US$34,000, and at the end of the week there was a rumour of a similar type fixed for a petcoke cargo for US Gulf to India at US$38,000. In the south, rates were largely maintained with the highlight being a 63,000dwt achieving US$20,000 plus US$1,000,000 ballast bonus for grains Recalada to the East. In Asia, the market was relatively flat with the odd positional increase, with North Pacific grains and the backhaul market the main strength, whereas Southeast Asia was slightly softer due to ballasters from EC India and Bangladesh with a 55,000dwt fixed basis Singapore delivery via Indonesia to China at US$17,000. Rates from South Africa remained steady with a 64,000dwt fixed from WC India at US$18,000 for coal to the Far East. The period market was subdued this week.

The Handysize market showed a firmer tone over the week, with the Atlantic remaining the main source of support. The US Gulf and South Atlantic strengthened as tightening tonnage and steady demand helped push rates above previous levels. A 37,000dwt was reported fixed from Mobile to Ushant-Skaw with wood pellets at US$19,000, while a 28,000dwt was reported fixed basis delivery Matadi on Sept 7-10 via Recalada to Tema with grains at US$10,000. The Continent and Mediterranean were generally steady, with limited visible fixing activity but firm underlying fundamentals. A 33,000dwt fixed from Spain via Arzew to the US Gulf with bagged cement at US$10,000. In Asia, sentiment was more balanced to subdued, with activity varying by area, while some Pacific routes showed modest improvement and a slight increase in Southeast Asian tonnage kept participants cautious. Reported fixtures included a 38,000dwt open Jakarta on Sept 9-10 fixed via Dampier to China with salt at US$19,000.

The TC1 75kt MEG/Japan index jumped 209 points this week to WS785 returning around US$232,000/day on a Baltic round trip basis. A voyage west also shot up 66% to US$16.5 million on  the TC20 90kt MEG/UK-Continent index. In Europe, the TC15 80kt Mediterranean/East index came off modestly to US$6.1 million (-US$80,000), with the corresponding TCE now at just under US$38,000/day on Baltic description round trip via Suez.

MEG LR1’s also climbed dramatically after some clarifying market activity this week, with the TC5 55kt MEG/Japan index adding 191 points to WS820. A run west on TC8, 65kt MEG/UK-Continent saw the index move up by US$2.93 million to US$10.82 million.

The TC17 35kt MEG/East Africa index came up this week from WS556 to WS708, this took the Baltic TCE for the run to US$86,600/day round trip. On the UK-Continent, MRs remained flat again this week, with the TC2 37kt ARA/US-Atlantic Coast unmoved from its current WS100 bottom and the Baltic TCE for the round trip now at -US$6,400/day. In the US Gulf MR freight softened over the week following Labor Day on Monday.

The TC14 38kt US Gulf/UK-Continent index went from WS250 to WS220. The Baltic round trip TCE for the run is now at US$19,100/day. The Caribbean voyage on TC21, 38kt US Gulf/Caribbean followed suit and is currently at US$678,571 (-US$115,000). The corresponding TCE is now at US$14,700/day on Baltic description. The MR Atlantic Triangulation Basket TCE went from US$27,200/day to US$21,500/day.

In the Mediterranean, Handymax rates came up circa 20 points this week. The TC6 30kt Cross-Mediterranean index is now at WS188, generating a Baltic TCE of US$12,700/day, up 64% from last week. The TC23 30kt Cross UK-Continent remained level around the WS175 mark this week with returns at US$5,100/day on Baltic description.

The rates for the Middle East routes increased dramatically this week, with few ships in position for the numerous cargoes available. The TD3C route (270,000mt Middle East Gulf to China) rose 21% from WS677.78 last Friday to WS821.11 on Thursday. This gives a daily round-trip TCE of US$862,150 for the standard Baltic VLCC. TD34 (Gulf of Oman/China) rose from WS277.5 last Friday to WS450.71 (a 62% increase) on Thursday, meaning a round-trip TCE of US$465,764/day.

In the Atlantic market, a similar story played out. The rate for the 260,000mt West Africa to China route (TD15) gaining over 125 points to WS370 (a 51% increase), giving a round voyage TCE of US$353,642/day, while the US Gulf to China route (TD22) made another large step up, rising nearly US$6,000,000 to just over US$35,110,000, which gives a daily round trip TCE of just over US$257,000.

In the Suezmax sector, the market was also firmer across all the Baltic routes. The rate for the 130,000mt Nigeria/UK Continent voyage (TD20) rose 77 points to WS326.67, which translates into a daily round-trip TCE of about US$162,200. The TD27 route (Guyana to UK Continent basis 130,000mt) was boosted by 71 points to WS313, giving a daily round trip TCE of just over US$156,400. The 145,000mt USG/UKC (TD33) leapt up 52 points to WS252.22, which gives a round-trip TCE of just over US$142,800/day.

In the Black Sea, the market strengthened after the last couple of weeks of ‘calming down’.

For the TD6 route of 135,000mt CPC/Augusta, the rate has been pushed up 75 points to about WS370, which shows a daily round-trip TCE of about US$253,500.

In the North Sea, the rate for the 80,000mt Cross-UK Continent route (TD7) regained 11 points to WS216.67, showing a daily round-trip TCE of US$103,365 basis Hound Point to Wilhelmshaven.

In the Mediterranean, the rate for 80,000mt Cross-Mediterranean (TD19) steadily climbed 101 points this week to about WS330, basis Ceyhan to Lavera this shows a daily round trip TCE of just over US$115,200.

Across the Atlantic, the owners have tightened their grip of the market. The 70,000mt East Coast Mexico/US Gulf route (TD26) rose 110 points to WS345, giving a daily round-trip TCE of just shy of US$94,300 while the 70,000mt Covenas/US Gulf route (TD9) gained 104 points to the WS322.5-325 level, translating into a daily round trip TCE of about US$87,750.

The rate for the trans-Atlantic route of 70,000mt US Gulf/UK Continent (TD25) strongly advanced 136 points to the WS375 mark, which gives a round trip TCE basis Houston/Rotterdam of almost US$99,400.

On the Vancouver exports, the TD28 (80,000mt crude oil Vancouver to China) rose by over US$1,400,000 to US$4,600,000 (giving a round trip TCE of just under US$76,000/day) while TD29 (80,000mt crude oil Vancouver to PAL point off the US WC) gained 54 points to WS320.

The LNG market showed signs of improvement this week, with increased chartering activity and stronger sentiment supporting spot rates across both basins. While vessel availability remains elevated, emerging October requirements and renewed interest in multi-month coverage helped improve market confidence.

On the BLNG1 Australia-Japan route, rates increased by US$5,300 week-on-week to settle at US$26,000/day. The Pacific market strengthened steadily through the week as cargo demand improved and sentiment turned slightly more positive.

The BLNG2 US Gulf-Continent route rose by US$2,100 to close at US$19,100/day. While Atlantic fundamentals remain challenging, increased enquiry and firmer sentiment provided support, allowing rates to recover modestly from recent lows.

Similarly, the BLNG3 US Gulf-Japan route gained US$8,200 week-on-week to settle at US$37,600/day. The route posted the strongest increase of the three assessments, supported by a tighter tonnage list to the backend of the window.

In the time charter market, sentiment grew softer. The six-month rate fell by US$8,500 to US$47,500/day, while the one-year term declined by US$2,000 to US$52,500/day. Further out the curve, the three-year period eased by US$450 to US$72,000/day.

The LPG market was relatively quiet this week, with many participants focused on industry events. Only one fixture was reported that limited price discovery. Rising tensions in the Middle East remain a key watchpoint and could influence sentiment and freight rates in the weeks ahead.

On the BLPG1 Ras Tanura-Chiba route, rates settled at US$226.00, with TCE earnings closing at US$216,042/day. The BLPG2 Houston-Flushing route declined by US$1.08 week-on-week to settle at US$153.67, with TCE earnings falling by US$2,040 to US$173,637/day. Similarly, the BLPG3 Houston-Chiba route fell US$1.43 to close at US$281.57, while TCE returns decreased by US$1,863 to US$165,292/day. The route remained largely unchanged amid muted trading conditions.

It was a mixed week of fortunes for the key FBX routes. We are just two months away from the end of the suspension of the USTR imposed fees on Chinese owned/built vessels paying fees for US port calls. These fees could higher than USD1 million for a typical container vessel on the FBX01/FBX03 trades. With rates on both these routes at much higher than “normal” rates, it will be interesting to see if these fees continue to be suspended, as rates will otherwise increase further as any charges will end up being passed on to the shippers and eventually the consumers buying the end products.

The cross Pacific trade loop FBX01 (China/East Asia – US West Coast) gained US$146 from last Friday ending the week at US$7,715 and is up US$1,583 since the start of July.

Rates from the Far East to the USEC FBX03 (China/East Asia – US East Coast) increased by US$274 from last Friday ending at US$9,779. This route is up US$1,882 since the start of 3Q. Trade into the North Continent from the Far East FBX11 (China/East Asia – North Europe) decreased by US$113 week-on-week, ending the week at US$4,338 and is down US$472 since the start of July. Trade into the Mediterranean from the Far East FBX13 (China/East Asia – Mediterranean) lost US$512 from the end of last week, ending the week at US$3,929 and is down US$2,606 from the start of 3Q.

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